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India is on the path of rapid economic growth along with speedy overall development, simultaneously it has to face the global threat of climate change. India has unique renewable energy resources (RES) and development of country depends to a great extent on harnessing these sources. Being a developing infrastructure, increasing energy needs, eradicating poverty, and social development are the overriding priorities before India. These have to be achieved without compromising on the environment and maintaining ecological balance alongside. Maintaining a high growth rate is a necessity for India. This poses a formidable challenge but is perceived to be a great opportunity for the country to increase the share of renewable in the overall energy mix. For India to meet its power demand in a responsible, sustainable and eco-friendly manner there is urgent need to promote renewable. Hence current status, various issues, regulatory policies and incentives for promotion of renewable energy sources in competitive electricity market are discussed in this paper. This will make renewable more attractive in the future electricity market.